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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (327)12/27/1997 4:39:00 PM
From: drsvelte  Read Replies (1) of 5810
 
Colin:

Thanks for a great thread. This is really invaluable info that you and the other knowledgeable folks are contributing.

To make sure I understand the Wash Rule completely, let me add one more transaction to the first example in your previous post.

You wrote:

<<Dec 1, you BUY 1,000 shares of INTC at $81
Dec 2, you BUY another 1,000 shares of INTC $78
Dec 3, you SELL 1,000 shares of INTC $76
.
I THINK in this case we have a sale of the $81 shares for a $5 loss. The wash sale rule takes that loss and adds it to the $78 stock for a basis of $83.>>

Suppose now you SELL the remaining 1,000 shares of INTC @ $75. If your cost basis on those shares is $83, am I right to conclude you can report a loss of $8 per share on the 1,000 shares??

Thanks in advance.

drsvelte
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